ACC 290 Learning Team Reflection Paper

May 1st, 2015
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ACC 290 Learning Team Reflection PaperACC/290: Principles of Accounting IUniversity of PhoenixLearning Team Reflection PaperOur first week of class covered the basic accounting principles and concepts. Through reading, research and discussion, we considered how these concepts related to the practice of accounting and their uses in business.Four Basic Financial StatementsFinancial statements are used to track and document a companys financial activities. In addition, they promote transparency and ensure consistency for analysis and comparison with other companies.There are four basic financial statements: income statement, retained earnings statement, balance sheet and statement of cash flow. The income statement lists the companys revenues and expenses and reports the success or failure of the companys operations for a period of time. The retained earnings statement shows what part of the income was distributed as dividends and what part was retained for reinvestment in the company. It covers the same period of time as that of the income statement. The purpose of the balance sheet is to report assets and claims to assets at a specific point in time (Kimmel, Weygandt & Kieso, 2011, p. 13). The purpose of the statement of cash flow is to provide financial information about the cash receipts and cash payments of a business for a specific period of time (p. 15).Rules of Debit and CreditThe accounting system is made up of various transa

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